Protective Life Insurance Company provides financial services through the production, distribution, and administration of insurance and investment products primarily in the United States. The company operates through Life Marketing, Acquisitions, Annuities, Stable Value Products, and Asset Protection segments. The Life Marketing segment markets universal life, variable universal life, bank-owned life, and level premium term insurance products through a network of independent insurance agents and brokers, stockbrokers, and independent marketing organizations. The Acquisitions segment acquires, converts, and services life insurance policies and annuity products of other insurance companies. Th...
2801 Highway 280 South
Birmingham, AL 35223
Founded in 1907
Protective Life Insurance Company and Protective Life Corporation Enters Amended and Restated Credit Agreement with the Several Lenders
Feb 3 15
On February 2, 2015, Protective Life Corporation and Protective Life Insurance Company (together, the Borrowers), entered into an Amended and Restated Credit Agreement with the several lenders from time to time a party thereto, Regions Bank, as Administrative Agent, to provide for a $1 billion five-year unsecured revolving credit facility. The Credit Agreement includes a $500 million sublimit for the potential issuance of letters of credit and a $50 million sublimit for swingline advances. The Borrowers have the right in certain circumstances to request that the commitment under the New Credit Facility be increased to a maximum amount of $1.25 billion. Borrowings made available under the New Credit Facility may be used for general corporate purposes. Borrowings under the New Credit Facility must be repaid by February 2, 2020. The New Credit Facility amends and restates in its entirety the credit facility, dated July 17, 2012, among the Borrowers, Regions Bank, as Administrative Agent and the lenders party thereto. Revolving credit borrowings under the New Credit Facility will bear interest at a rate equal to, at the option of the Borrowers, (i) the London Interbank Offered Rate, for the applicable period, plus a spread based on the ratings of PLC's senior unsecured long-term debt, or (ii) the sum of (A) a rate equal to the high of (x) the Administrative Agent's prime rate, (y) 0.50% above the Federal Funds rate, or (z) the one-month LIBOR plus 1.00% and (B) a spread based on the ratings of PLC's Senior Debt (which spread is currently 0.10%). The New Credit Facility also provides for a facility fee at a rate that also varies with the ratings of PLC's Senior Debt and that is calculated on the aggregate amount of commitments under the New Credit Facility, whether used or unused.
Protective Life Insurance Company Appoints Wade Harrison as New Senior Vice President and Chief Product Officer
May 16 14
Protective Life Insurance Company has hired Wade Harrison as its new senior vice president and chief product officer. In his new role, Harrison will lead the team that designs, develops and implements life and annuity products. Harrison most recently served as senior vice president of Financial Service Operations for COUNTRY Financial in Bloomington, Illinois, where he was responsible for the company's life and health operations including product development, underwriting, policy services, actuarial valuation and pricing functions.